Anglo American PLC has released its interim results for the first half of 2024, showcasing a strong operational performance that delivered $5.0 billion of underlying EBITDA. The company reported improved cost performance, which largely offset a 10% lower product basket price. Notably, the Copper and Iron Ore segments demonstrated particularly strong performance and margins, contributing $3.5 billion of EBITDA. The company also achieved a 4% improvement in unit costs, reflecting weaker currencies, operational improvements, and effective cost control.

However, Anglo American reported a $0.7 billion loss attributable to equity shareholders, impacted by a $1.6 billion impairment of the Woodsmith project due to the decision to slow down its development. The company's net debt stood at $11.1 billion, with leverage steady at 1.1x annualized EBITDA. Anglo American is on track to reduce annual costs by approximately $1.7 billion and decrease capital expenditure by around $1.6 billion over the 2024-2026 period.

Duncan Wanblad, Chief Executive of Anglo American, expressed encouragement by the strong operational performance, emphasizing the company's focus on creating a more agile and structurally profitable mining company. He highlighted the exceptional quality of the Copper and Premium Iron Ore businesses, which continue to perform strongly, and the commitment to maintaining growth optionality in crop nutrients.

Wanblad also addressed the company's commitment to workforce safety, expressing sadness over the loss of two colleagues in an accident at the Amandelbult PGMs mine in South Africa. He emphasized the company's dedication to ensuring the safety of its workforce and the progress made in achieving the lowest ever injury rate and a 23% improvement compared to two years ago.

The company's underlying EBITDA for the half-year was $5.0 billion at a 33% EBITDA margin, reflecting a 10% lower product basket price, partly offset by a 4% improvement in unit costs, with broadly flat production volumes. Anglo American is focused on transforming its business by concentrating on its world-class asset base in copper, premium iron ore, and crop nutrients, aiming to accelerate the recognition of value inherent in its business.

In addition to financial performance, Anglo American tracks its strategic progress using key sustainability performance indicators based on its seven pillars of value, including safety and health, environment, socio-political, people, production, cost, and financial.

Overall, the report indicates a strong operational performance and strategic focus on transforming the company's portfolio to deliver long-term value for shareholders and stakeholders.